CANBERRA, Australia — Australian motorists and businesses are facing some of the highest fuel prices in the nation's history as the global energy shock triggered by the war in the Middle East grinds into its eighth month, with diesel averaging close to 3 Australian dollars a liter in capital cities.

A coordinated release of emergency oil stockpiles by the Group of Seven nations has raised hopes of relief, but Energy Minister Chris Bowen has cautioned that the move is unlikely to make much difference at Australian petrol pumps.

The national capital city average price for regular unleaded petrol was 2.38 Australian dollars a liter in early October, while diesel averaged 2.85 Australian dollars, according to fuel price tracker Petrol Pulse. In some parts of the country, diesel has edged toward and beyond 3 Australian dollars a liter in recent weeks.

The Australian Competition and Consumer Commission, which has been publishing weekly fuel price reports since the conflict began in late February, said in its latest update that average retail petrol and diesel prices fell slightly in capital cities over the past week and were broadly stable in regional areas, as international refined fuel prices remained relatively high.

Fuel prices are up nearly 25% this year, according to the Westpac-Melbourne Institute consumer sentiment survey, adding to pressure on households already dealing with higher interest rates.

On Oct. 2, the G7 nations agreed to release 100 million barrels of diesel and crude oil from strategic reserves over the next four months, coordinated through the International Energy Agency, to counter a global diesel shortage. The countries also pledged not to impose export restrictions on diesel.

Bowen welcomed........

© International Business Times